Bank of America loan modification is helping homeowners to meet their monthly expense with the help of the foreclosure prevention option. Yet many people believe that the foreclosure prevention option with the services of the home affordable program have not proved to be helpful as they were previously. This is proved with the data of the loan modification wherein the homeowners were denied for a permanent loan modification and has not been accepted for a trail modification.

The foreclosure data was tracked from the home affordable modification program and it states that bank of America had 33,750 foreclosure initiation and 12,867 foreclosure completion in November and they are high in the previous months which reported that the BOA had 28,038 foreclosure initiation and 9,157 completions for those homeowners who weren’t accepted for the loan modification program. Even a raise is showed in the foreclosure initiation and completion for homeowners who had been canceled for their trial loan modification.

With a bad report of increase in the foreclosure the government is planning to streamline loan modification. The question has risen over the services of the mortgages. There are still many homeowners who are struggling with their monthly payments. Thus the servicers are requested to increase their number of permanent loan modifications. Many homeowners feel that the Home Affordable Modification Program program is fading because the services are not able to convert the trail loan modification to permanent loan modification as they are dealing in the home loan foreclosures.

The servicers are pointing towards the proprietary modification which are made from the in-house home loan plans, they are saying that there are high numbers of modification from the federal assistance plans and it has outnumber the foreclosure. However the homeowners are still facing difficulties in paying their mortgages because of the unemployment and the underwater home loans.

Bank of America loan modification program is still in its place and their in-house plans are also addressing unemployment and underwater mortgages. Still, there are few who believe that more attempts should be made to improve the current plans so that the foreclosure can be halted. To stop your foreclosure contact, Loansstore!